The same month, the company announced that it had received $50 million in funding commitments, led by healthcare-focused, mid-stage private equity firm OrbiMed.Biswarup Gooptu | ET Bureau | December 15, 2016, 06:11 IST

1mg acquires online consult platform MediAngels for an undisclosed sumNEW DELHI: Bright Lifecare, which owns and operates online pharmacy platform 1mg, has acquired Mumbai-based MediAngels, for an undisclosed sum, its second such transaction in the last five months.

The latest deal follows 1mg's acquisition of Medd, a marketplace for booking diagnostic and imaging tests, earlier in July. As with the Medd buyout, Gurgaon-based 1mg did not disclose the financial terms of the latest transaction.

The acquisition marks the Sequoia Capital-backed company’s entry into the lucrative super speciality consultations, corporate health services and insurance partnerships, according to an official statement released by the company.

"Our consumers can now access a deep network of over 450 super specialists across India and the world, and we also get an entry into the corporate health space through this platform," said Prashant Tandon, chief executive, 1mg.

Online pharma companies have been quite active in the M&A stakes over the last 12 months, helped by a sharp increase in venture capital funding over the same period.1mg, which was previously known as HealthKartPlus, had raised over Rs 100 crore from investors, such as, US-based Maverick Capital, the venture capital fund affiliate of New York-based hedge fund Maverick Capital, and Switzerland-based healthcare fund HBM Partners, in April earlier this year.

Separately, rival Chennai-based online drugs marketplace Netmeds also announced that it had acquired on-demand medicine and healthcare products delivery service Pluss, in an all-stock deal, last month. The development was first reported by ET in October.

The same month, the company announced that it had received $50 million in funding commitments, led by healthcare-focused, mid-stage private equity firm OrbiMed.

Founded in 2011 by super specialist medical professionals, Arbinder Singal and Debraj Shome, MediAngels claims to have experienced medical specialists, across the globe, providing medical consults to patients.

The five year-old company also claims to have more than 450 super specialist doctor team, across 93 specialties, including cardiology, cancers, neurosurgery, orthopedics and pediatric subspecialties, according to the press statement.

"We now offer a comprehensive suite of services to consumers as well as corporate customers which includes ePharmacy, eDiagnostics, eConsultations and Super Speciality Second Opinions as well," Tandon was quoted as stating in the company-issued press release.

The deal also comes a little over a year after it was reported that MediAngels was raising $5 million in funding. It is yet unclear if the HDFC Holdings, Ventureast and the government's Department of Science and Technology-backed startup had closed the round.